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Common Financial Mistakes Made by Small Businesses

Common Financial Mistakes Made by Small Businesses

At the beginning, a small business is a lustrous pearl pressed into existence by the force of sheer tenacity and personal investment, moulded by the determination of its founders; while this transformative process is an exciting period for any soon-to-be power broker (if all goes to plan), a person doesn’t automatically assume the financial acumen required to succeed in a highly competitive market; prices are exorbitant, suppliers are stubborn and clients, well, who can tell what some of them are thinking, right? Wrong. The internet has opened the floodgates of communication between rank and file employees, managers and the people they serve, creating an environment of monetary accountability, as well as social transparency.

New Media, Old Media and the Laws of Engagement

Think about what small business do to get recognised in your area…A letter box drop? Local incentives? Spotlight specials? Brief radio gigs? Though mainstream print and audio media were considerable sources of return ten years, or even five years ago, things have changed with the advent of social media and electronic commentary outlets. Do you provide a service/customer based relationship? Get on Facebook, start a Twitter page and start engaging with your “fans”, answering questions and contributing to discussions they’d like to talk about. Are you trying to appeal to agenices or blue chip companies, targeting the B2B spectrum? Use LinkedIn and forget about the Yellow Pages, prices have been elevated to cope with the loss of advertisers. The Internet and advertising go hand in hand, see what it can do for your business before you turn the launch key and start off on the right foot.

Guesstimations

Guess work is a consequence of most industries; we all take calculated risks now and then, hoping for the best while plunging blindly into the unknown, convinced our capital will stretch another six months. Though you might be right, your funds could be in a state of comfortable consistency, failing to plan and contacting a financial advisor now could be your downfall further down the line. A qualified fiscal genius will assist you in understanding your current budget, table up sales and expenditures and measure actual profit against raw profit, keeping a small business out of the red and away from debt consolidation firms like Fox Symes.

Cutting Costs Now. Stunted Growth Later

Small business owners are always enthusiastic about bringing in more coin; after all, running a small business can be expensive and challenging at the best of times. When the subject of probability emerges, decision makers get caught up in the scheme of cost cutting, slicing resources and scaling back essential departments to achieve a surplus. While this conservative economic model will solve any short term issues, your business will be staggered by the lack of diversity, discarded skill levels and sub-departments, leading to stunted growth. Instead, driving revenue will allow savvy owners the opportunity to grow within their means, factoring in customer or client behaviour and adapting business plans going forward to maximise these market drivers. If you do find yourself in hot water financially, check out the services of the FSA Group – they can help you to get your finances back on track.

Are you a small business owner? What mistakes have you made in the past and what did you learn from their consequences? If you have one piece of advice to give up and coming entrepreneurs, what would it be? Let us know in the comments.

About the author:

This post was written by Amanda Stevens who is an active blogger amongst the online small business and finance community.

Published by valentine belonwu

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